MFI vs SPWH: Correlation
Measured on weekly returns over the past three years, mF International Limited - Class A (MFI) and Sportsman's Warehouse Holdings, Inc. (SPWH) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFI and SPWH?
On 3 years of weekly data the MFI/SPWH correlation comes out at 0.44, moderate. The past 12 months show a weaker link (0.31) than the 3-year average (0.44). The 5-year figure is n/a, and annualized covariance runs at 6729.0 %².
In MFI's tracked universe of 16 assets, SPWH sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months SPWH outperformed by 17.2 percentage points (-75.3% for MFI against -58.1% for SPWH). One caveat on sizing: MFI is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
MFI vs SPWH: side by side
| MFI (mF International Limited - Class A) | SPWH (Sportsman's Warehouse Holdings, Inc.) | |
|---|---|---|
| 1-year return | -75.3% | -58.1% |
| 5-year return | n/a | -93.6% |
| Volatility (ann.) | 180.8% | 83.1% |
| Beta vs S&P 500 | 2.81 | 0.37 |
| Max drawdown (3Y) | -95.8% | -82.6% |
| Market cap | $0.5B | – |
| P/E (trailing) | 5.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MFI | SPWH |
|---|---|---|
| 2022 | – | -20.3% |
| 2023 | – | -54.7% |
| 2024 | – | -37.3% |
| 2025 | +245.6% | -45.3% |
| 2026 | -50.9% | -21.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFI and SPWH good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MFI and SPWH?
As of 2026-08-27, the correlation of weekly returns between MFI and SPWH is 0.44 over 3 years, 0.31 over 1 year and n/a over 5 years.
Is SPWH a good diversifier for MFI?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mfi-vs-spwh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mfi-vs-spwh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MFI correlations · SPWH correlations
